Are you looking for the best ways to make Insurance work for you? Check out 6 Things You Didn’t Know About Group Benefits Insurance
Most people understand what is covered under their medical benefits plan and maybe even dental insurance. There may be a few questions about the specifics of vision, disability, and critical illness covered. However, most people don’t know much about group benefits insurance at all. This is an excellent addition to any benefits package and may be mandated by law depending on your location. Here’s a look at six things you probably didn’t know about group benefits insurance.
Most group benefits plans have several different types of coverage to choose from. You can usually focus your plan on specific areas of benefit or you can choose a broad-based plan that covers most things with little additional cost. For example, you can choose to cover hospital care, drugs, and rehabilitation under a single plan. If you have major dental issues, there’s a group dental insurance plan that, as seen at https://groupenroll.ca/, includes the basic dental and some major restorative and orthodontics coverage. The plans vary from company to company, so make sure to take time to review your benefits package and make sure you know what each type of coverage means before making your selection.
The majority of group benefits plans have two types of reimbursement options. You can either receive a cheque or you can be reimbursed directly to your bank account. If you elect for direct deposit, there will likely be some limits on what reimbursements are covered under the plan.
For example, only one bank account per household may be covered under the plan. Generally, most group benefits plans will reimburse the full amount of the expense minus your share, which you pay upfront. The reimbursement is then sent to you or your designated recipient within a reasonable amount of time after receiving the claim documentation. If direct deposit is not an option for you, you must submit a cheque request or you can usually set up a pre-authorized payment with your bank to have the funds automatically deposited regularly.
Not all company plans cover domestic partners, but some do include the relationship on their plan meaning that employees may add their domestic partners to their benefits plan as family members. In some cases, these relationships must be a certain length of time before they qualify for benefits under the plan. Some plans even cover dependent children for an additional cost, although they may require proof of enrolment in a post-secondary program or verification that they are financially dependent on the employee and their parents.
Some group benefits plans cover a limited number of prescription medications while others may not be able to provide coverage for prescription medication at all. This is an important detail that you should investigate before taking the job or signing on to a new plan as it can affect your overall health care costs. It’s possible that you can add a drug coverage component to your plan or add it as an add-on feature to the existing plan. Some plans may require you to pay for prescriptions out of pocket until you reach a certain dollar amount in which case, they will reimburse you up to the maximum allowed under the contract.
Make sure you understand the maximum length of time for which you can receive benefits under a group plan. Some plans, such as short-term disability, will only cover certain conditions for a set amount of time whereas extended health plans will payout until a certain date or until you reach your maximum annual limit for health care claims.
If you have a pre-existing medical condition, most group benefits plans will not offer benefits for that condition if the condition existed six months before enrolment in the plan. So before you take the job, you must determine whether the plan offers coverage that meets your needs. This will vary by plan and situation so make sure to ask each company for their details before making your decision.
In some cases, the reimbursements from a group benefits plan are considered taxable income. In most cases, you will be required to pay taxes on any funds received as they were previously exempt from taxation as long as the money was set aside for health care purposes.
However, if you meet certain criteria including that your claims do not exceed a certain amount each year, you may not have to pay taxes on your benefits. This is another detail that varies by plan so make sure you ask your employer or the company that administers your plan for specific details. Group benefits insurance is a great way to gain access to health care and other related services at a reasonable cost. Before choosing or signing on to a plan, you must understand the details of each plan including who is covered under the plan, what exactly is covered, and for how long. This can help you ensure that your plan meets your needs and that you receive the maximum benefits available under that plan.